The importance of 'creating margin' in your financial life
Overall consumer confidence ticked higher in July, with The Conference Board Chief Economist Dana Peterson noting in the release that "On a six-month moving average basis, consumers making over $100K were the most confident, but the gap with other groups narrowed.” Scott Inman, GenWealth Financial Advisors financial advisor and host of "Get Ready for the Future Show,” advises those who are feeling less confident about their financial futures start "creating margin" in their financial lives. Inman describes the goal for retirees is to build enough assets that produce income so they can retire comfortably. In order to do that he says, you need to build a gap, or margin, between your income and expenses that gives you enough room to save and contribute to your retirement. As far as what to invest in, Inman advises investing in stocks for the long term, though as markets hit all-time highs and the Federal Reserve prepares to cut rates, fixed income is starting to look attractive. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Stephanie Mikulich.